Securities Trust of Scotland shareholders have backed proposals to turn the trust  into a global equities investment trust.

On 1 August the trust will become the first equity income investment trust to be managed against a fully global benchmark, after 88 per cent of votes cast at today's AGM voted in favour of the proposals.

Scottish investment manager Martin Currie will change the trust’s benchmark from the FTSE All Share to the MSCI World High Dividend Yield index. It will hold a portfolio of 40-60 stocks and continue to seek income and long-term capital growth.

As part of the changes, Alan Porter will replace Ross Watson as the lead manager. Porter also manages the Martin Currie Global Equity Income Fund.

Neil Donaldson, chairman of Securities Trust of Scotland, comments: 'We are delighted that shareholders and their advisers have endorsed a global approach. Our research shows a strong demand for diversifying income away from a highly concentrated UK market. Advisers also recognise the increased choice and higher potential returns offered by a global approach. We believe that these changes will make Securities Trust a more attractive choice for investors seeking a high and growing income with long-term capital growth.'

The £115.8 million trust is on a discount of 3.9 per cent.

It currently sits in the UK growth & income sector, home to 22 other investment trusts. Over the past seven years to 1 July, it has returned 74.8 per cent, putting it 11th in the sector.

The best performing trust in the sector over the seven years is Finsbury Growth & Income, which has returned 125.5 per cent.